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This document is an application for discretionary forbearance by borrowers seeking temporary relief from loan payments due to financial difficulties.

How to fill out discretionary forbearance application

How to fill out DISCRETIONARY FORBEARANCE APPLICATION

1. Obtain the DISCRETIONARY FORBEARANCE APPLICATION form from your loan servicer or website.
2. Read the instructions carefully to understand eligibility requirements.
3. Fill out your personal information, including your name, address, and loan details.
4. Indicate the reason for requesting discretionary forbearance in the designated section.
5. Provide any required documentation or explanation to support your request.
6. Review your application for accuracy and completeness.
7. Sign and date the application where necessary.
8. Submit the application to your loan servicer either by mail or electronically, as specified.

Who needs DISCRETIONARY FORBEARANCE APPLICATION?

1. Borrowers experiencing temporary financial difficulties.
2. Students facing unexpected financial burdens, such as medical emergencies.
3. Individuals who are unable to make their loan payments due to job loss or reduction in income.
4. Borrowers seeking temporary relief to avoid defaulting on their loans.

People Also Ask about

Is forbearance the same as forgiveness?

If you're pursuing loan forgiveness, any period of deferment or forbearance may not count toward your forgiveness requirements. This means you'll stop making progress toward forgiveness until you resume repayment.

What are the two types of forbearance?

Find links to the forms under the forbearance types listed below. There are two main categories of forbearance: general and mandatory.

What does forbearance mean?

Forbearance is a process that can help if you're struggling to pay your mortgage. Your servicer or lender arranges for you to temporarily pause mortgage payments or make smaller payments. You still owe the full amount, and you pay back the difference later. Forbearance can help you deal with a financial hardship.

What is a forbearance application?

Forbearance is a process that can help if you're struggling to pay your mortgage. Your servicer or lender arranges for you to temporarily pause mortgage payments or make smaller payments. You still owe the full amount, and you pay back the difference later. Forbearance can help you deal with a financial hardship.

What is a discretionary forbearance?

For this reason, a general forbearance is sometimes called a “discretionary forbearance.” You can request a general forbearance if you are temporarily unable to make your scheduled monthly loan payments for the following reasons: Financial difficulties. Medical expenses. Change in employment.

What does exceptional discretionary forbearance mean?

Exceptional discretionary forbearance. This could be due to an exceptional circumstance, such as borrowers waiting to hear whether they qualify for a borrower's defense discharge or those waiting for a decision on the SAVE program. Contact your servicer if you didn't request it.

For pdfFiller’s FAQs

What is DISCRETIONARY FORBEARANCE APPLICATION?

A Discretionary Forbearance Application is a formal request submitted by borrowers to their loan servicers seeking temporary relief from making loan payments due to financial hardship or other qualifying circumstances.

Who is required to file DISCRETIONARY FORBEARANCE APPLICATION?

Borrowers experiencing financial difficulties, unemployment, or other specific situations that hinder their ability to make scheduled loan payments are required to file a Discretionary Forbearance Application.

How to fill out DISCRETIONARY FORBEARANCE APPLICATION?

To fill out a Discretionary Forbearance Application, borrowers should provide personal information, details about their financial situation, the reasons for requesting forbearance, and any documentation supporting their request.

What is the purpose of DISCRETIONARY FORBEARANCE APPLICATION?

The purpose of the Discretionary Forbearance Application is to allow borrowers to temporarily postpone loan payments, thereby preventing default and providing financial relief during challenging times.

What information must be reported on DISCRETIONARY FORBEARANCE APPLICATION?

The information that must be reported on a Discretionary Forbearance Application includes borrower identification details, loan account information, reasons for requesting forbearance, supporting financial documents, and any other required disclosures by the servicer.